Appointment of Timothy F. Geithner as President, Federal Reserve Bank of New York

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The Federal Reserve Bank of New York on October 15, 2003, named Timothy F. Geithner to serve as the Bank's new president and CEO. His appointment by the New York Federal Reserve Bank's Board of Directors was approved by the Federal Reserve Board of Governors and announced by Mr. Peter Peterson, chair of the New York Federal Reserve Bank's Board of Directors and of the search committee that selected Mr. Geithner.

Mr. Geithner is expected to assume his duties in mid-November.

Mr. Geithner, 42, currently is the director of the Policy Development and Review Department in the International Monetary Fund of Washington, D.C. His department plays a central role in the design and implementation of IMF policies and in the review of its financial programs and assessments of member economies. He joined the IMF in September 2001.

Mr. Geithner served as Under Secretary of the Treasury for International Affairs from 1998 to 2001 under Secretaries Robert Rubin and Lawrence Summers. He was a principal adviser and member of the executive branch's senior team.

"I'm honored to be selected for this post and to work with an institution that is central to domestic and global financial stability," said Mr. Geithner.

"I'm pleased Tim Geithner will be at the helm; he'll do a great job," Mr. …